Bank of Ghana (BoG) has announced a significant increase in its gold reserves this year, with an addition of over 7.70 tonnes of monetary gold as of June 30.
Governor Dr. Ernest Addison revealed that 80% of the increase came from mining firms, while the remaining 20% was sourced from the Artisanal Small-scale Mining (ASM) sector through an approved aggregator.
This growth in reserves was made possible through the Domestic Gold Purchase Programme, launched in 2021 to bolster the central bank’s gold holdings by purchasing locally produced gold using the local currency.
Dr. Addison shared this update during the Ghana Gold Expo and Mining Week in Takoradi, an event focused on sustainable mineral resources development and the well-being of mining communities.
The BoG Governor explained that the objective of the program was to leverage gold reserves to obtain cheaper sources of financing, increase foreign exchange reserves, diversify the portfolio, and enhance confidence in the economy.
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The bank aims to double its gold reserves from 8.77 tonnes to 17.4 tonnes within five years through the Domestic Gold Purchase Programme.
The increase in gold reserves provides additional buffers for the economy, making it more resilient to global economic shocks and better equipped to manage macroeconomic imbalances.
The BoG plans to gradually expand suppliers in the ASM sector while working closely with the Precious Minerals Marketing Company to improve responsible sourcing and due diligence.
Efforts are also being made to address the challenges posed by unlicensed miners who violate sustainable mining practices, with the expectation that the benefits of the program will incentivize responsible mining and reduce the activities of illegal operators.
With this significant increase in gold reserves, the Bank of Ghana is taking proactive steps to strengthen the economy and foster sustainable growth in the mining industry.
